ReNew Power to invest Rs50,000 cr in renewable energy projects in Karnataka
26 May 2022
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Renewable energy company ReNew Power on Tuesday signed a memorandum of understanding (MoU) with the Karnataka government to invest Rs50,000 crore in the state over the next seven years. The MoU was signed in the presence of chief minister Basavaraj Bommai, on the sidelines of the World Economic Forum meet in Davos.
CM Bommai held a series of meetings with industry captains from various countries, on the second day of his visit to the WEF meet in the Swiss ski resort town.
ReNew Power plans to invest in production units for renewable energy, battery storage and green hydrogen with potential to create employment opportunities for 30,000 people, according to a statement issued by the chief minister's office.
ReNew Power, established in 2011, is one of India’s leading renewable energy companies in terms of total energy generation capacity. Since commencing operations with a 25.2 MW wind project in Jasdan, Gujarat, the company has grown exponentially, and has a current renewable asset base of over 12 GW, including projects under development and in the pipeline. In October 2019, ReNew Power became the 1st RE company in India (and 10th globally) to cross 5 GW of installed capacity. In 10 years of its operation, ReNew projects have generated many jobs, directly and indirectly. In 2019-20 ReNew Power contributed nearly 1 per cent of the total electricity generated in India and helped mitigate 0.5 per cent of the carbon emitted in a year.
With 3.78 GW of commissioned and committed wind energy assets, ReNew Power has one of the largest portfolios of wind energy projects in the country.
During the day, Bommai also met chairman and CEO of Bharti Enterprises Sunil Bharti Mittal. Mittal has expressed keen interest to set up a 'Mega Data Centre' in the state, for which the chief minister has assured all support from the state government, the release said.
Bommai also discussed investment opportunities in Karnataka with Adani Group chairman Gautam Adani.
Industries Minister Murugesh Nirani, IT, BT Minister CN Ashwath Narayan, Additional Chief Secretary in the Department of Industries E V Ramana Reddy, CM's Principal Secretary N Manjunath and Commissioner in the department of Industries Gunjan Krishna were present at these meetings.
"The Adani Group had recently expressed interest to invest nearly Rs 50,000 crore in Karnataka which will boost the economy and create jobs," industries minister Murugesh Nirani, later tweeted expressing happiness about the meeting with Adani.
He also shared information about the meeting with Volvo. "Volvo is known for their quality and precision engineering globally, among many other positive attributes. It was wonderful to dine with the CEO of Volvo, Martin Lundsedt today and understand how their drive for quality and precision has made them one of the most revered companies," he said in a tweet.
